Loans Debt set-off: How to curb banks taking your cash

Cape Town – Consumers seeking loans should ensure the lender is a different credit provider to the one they bank with, Summit CEO Clark Gardner said in reaction to court action being taken against Standard Bank.

The bank told Fin24 this week that it will oppose a bid by the National Credit Regulator (NCR), which wants a court to order that the common law set-off has been superseded by section 124 of the National Credit Act (NCA).

“The NCR had received complaints from consumers, in relation to instances where the bank had taken monies, which had been deposited into their accounts held with Standard Bank and used these amounts to settle arrears on Standard Bank debts,” Jacqueline Peters, manager of investigations and enforcement at the NCR, told Fin24 on Tuesday.

“Consumers in these instances are left with no monies for their ordinary day to day living expenses or other debt obligations, ultimately leaving already over indebted consumers in a far worse situation,” said Peters.

NCA does not provide sufficient clarity – Gardner

Gardner said the NCR’s case against Standard Bank was yet another example of the NCA not providing sufficient clarity to all parties involved.

“In the case of setting off outstanding and arrear debts against savings one needs to look at how the set-off took place.

“Where the right authority was provided by the consumer to the credit provider then little relief can be provided. However, in many instances we have seen it would seem the set-off is done in a manner in breach of Section 90(2) (m) in that it gives priority to payments for the credit provider over any other credit provider.

“All credit providers should have equal opportunity to receive payments and therefore are required to make use of the standard or preferential debit order payments processes.”

Debit order mechanism is fairer – Gardner

Summit believes the debit order mechanism is a fairer process to set off payments in that the consumer authorises an amount and credit provider to be paid on a specified date.

“This should mean that the consumer is aware of the payment and can budget for it accordingly,” he said.

Gardner said the NCA and the evolution of the credit industry is planning to move away from leaving the consumer in desperate situations and instead ensure they are protected from unfair credit provider behaviour or from their own desperate behaviour.

“We strongly encourage this shift, which may mean unsecured credit is less accessible in the short term as only financially healthy and able consumers access such funding,” he said.

“The problem in allowing set-off, and I am not aware of the details in this case, is that the amount and date of payment can come as a complete surprise to the consumer who then can find them in the most desperate of situations financially,” said Gardner.

Advice to consumers

“Our advice to consumers to prevent set-off is to ensure that your lender is a different credit provider to the one you bank with,” he said. “This ensures that payments can only be collected via authorised debit orders, which have an effective dispute process where necessary.”

Further, if a consumer cannot afford all their debt repayments they should take effective action instead of hiding from their lenders or accessing additional credit, Gardner cautioned.

“Effective action varies from negotiating with your lenders, reporting reckless lending to the National Credit Regulator to approaching a reputable debt counsellor.”

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Most people do not know the importance of know your credit score and the benefits that come with it.

What is a credit report? This is question that s asked by most individual and answer to this is a simple one.

A credit report is a detailed report that contains all the credit history of an individual a credit report is an indication of your payment habits and it also has your defaults so it shows everything with regard to your credit history. Who compiles a credit report you may ask, well a credit report is compiled by the credit bureau a credit report includes the following

Personal information: such as you’re (ID Number, current and previous address, etc.)

Summary of credit history: the number and type of accounts that the individual has, that are past due or in good standing.

Details of any accounts that have been handed over to the credit agency such as(such as information about liens, in-arrears wages garnishments via federal, state or county records)

Information on how to dispute any of the above information if the individual see any irregularities.

Most often than not people confuse a credit report with credit history and vice versa, to clarify between the two a clear understanding of what credit history refers to is needed.

What is a ‘Credit History’?

A credit history refers to the history of an individual and their ability to repay their debts this include accounts, loans , bonds and any credit facility that the individual may take on credit. A customer’s credit history contains information such as:

The number of accounts a customers may take the accounts can be past and current

The type of accounts that the customer has taken in the past and currently

The period in which the account has been opened

Whether the bills are paid on time and to the correct amount avoid arrears

Number of recent credit inquires

An bankruptcies or lent, judgement or collections

This information is contained in the credit report

Benefits of getting a credit report…

Knowing your credit score has a benefits to mention a few knowing your credit score allows you to know where your credit stats is this is useful if you want to take out credit for a new property or whatever that you require credit for.

It also allows to see if they are any irregularities in your credit history making it easy to detect if they is any illegal activities that is occurring under your name and not of your doings

It also allows to see how many default you have against your name and how many of your accounts are in arrears before creditors take legal action against you.

Knowing the number of accounts that you have past and current, etc.

Getting a credit report allows the chance to see in terms of the credit bureau where you stand in terms of getting credit this gives a clear mind set of whether you can apply for mortgage loans, car finances or any other credit item that you desire

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Nothing spells financial failure quite like getting blacklisted. Whether you had over-indulged on the convenience of accessible money or were simply forced to max out your credit card owing to circumstances beyond your control; you are not alone.

In fact, over 10 million South Africans are going through exactly that. It is for this reason that companies have started formulating and scouting solutions for blacklisted individuals.

Apart from the stress and uncertainty that comes with being over-indebted, blacklisted individuals often give up hope; thinking that it’s the end of the world. Rather see it as the beginning of a new journey or the next level of being credit active.

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Can I still be approved for loans or get finance?

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Will I ever be able to get out of this situation?

With the range of services available from FinanceWeb, you definitely can. What’s more is that it is as affordable as it is easy.

Apart from the consolidation loan that can help you erase your debt in the long term, FinanceWeb also offers the following services.

Debt review – With this service, a debt review consultant negotiates lower instalments with your creditors which could bring monthly expenses down to 50 per cent. This process prevents repossession of your goods and there is no upfront fee involved.

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Both of these options are a sure way of getting out of your situation for good.

Does this mean I may never apply for finance again?

With both options above, you will be able to apply for debt again. The End your debt option, for instance, takes around two years and, after its successful completion, you will be able to start over.

While being blacklisted is undesirable and emotionally stressful, it is far from the end of the road. As seen above, there are still a lot of options and solutions to either improve the situation or obtain financial relief while blacklisted.

Given the popularity of online transfer payments and credit card purchases, debt accumulation has become a huge problem. Many individuals make purchases without a detailed financial plan. This can lead to a high debt figure that you may be unable to pay.

In order to have manageable debts it is important to get a debt assessment on a regular basis. The debt review process enables you to re-structure your debt repayments. TA Consulting can provide debt counselling services.

If you are apprehensive about your debts, we present some of the benefits of debt review to encourage you to contact us to find out how we can assist you.

Restructuring of debt

As the debt accumulates there can be a negative listing given to your expenses. A debt review enables you to make a schedule for the debt payment. The debt counsellor can help you in developing a budget based on your financial needs. The budget is decided after the utility expenses have been taken into account. This helps in allocating a part of your income to pay the debt on a monthly basis. Debt review enables you to set realistic goals for payments as per your future earnings.

Discuss payments with creditors

Debt review helps in negotiating repayments with your creditors. A debt counsellor can help you in getting payment terms that you can easily pay. In the absence of debt counselling, creditors may charge you a higher amount so that they can get a larger payment on your debt.

Prevent legal action

If payments have not been made to creditors at the assigned date then you may face negative consequences. A debt review can be used to prevent these creditors from taking a legal action against you. During this time period, debt counsellors can restructure your debt repayments so that you are able to pay cash to creditors.

Straightforward payments

Debt reviewing process can assist you in simplifying payments to creditors. Under debt review you may make separate payments to creditors as instalments. Debt review is a rehabilitation process and you will be issued with a credit clearance certificate when all of your debt is paid up.

Debt counsellors can help you with re-structuring your debts and helps you to pay a reduced instalment every month to your credit providers. This will ensure that you will have enough money at the end of the month for your daily living expenses.

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